Monroe Capital has backed a $14 million senior secured credit facility to help enable growth of a technology services company by private equity sponsors, Olympic Valley Capital and Boathouse Capital. The company provides IT support services to growing small and medium-sized businesses specializing in serving enterprises with 50 to 1,000 employees.

Boathouse Capital has made an investment in Accurate Background. The firm invested $5 million of subordinated debt to support the working capital needs associated with Accurate Background’s continued growth and to facilitate its future strategic plans, including add-on acquisitions. Headquartered in Irvine, CA, Accurate Background offers a complete set of on-demand employment screening services, including criminal, motor vehicle, and other public records searches, employment history, education and professional license verifications, credit checks, and drug and health screening services.

Boathouse Capital portfolio company Colortree Group has acquired Direct Impressions. The addition of Direct Impressions will help accelerate Colortree’s strategy of building a full-service provider to the direct mail industry.

Hawke Aerospace has completed a recapitalization with Boathouse Capital, a middle-market mezzanine debt and equity investment fund based in Wayne, Pennsylvania. Hawke Aerospace is the parent company of helicopter maintenance provider Uniflight, air medical operator Keystone Med-Flight and Aviation Services Unlimited, which provides tactical airlift services primarily to law enforcement agencies and utility companies. The […]

Boathouse Capital and CMS Mezzanine have backed BioPharm Communications. Headquartered in New Hope, PA, BioPharm is a medical communications and marketing agency specializing in non-personal, peer-to-peer solutions to the pharmaceutical and biotechnology industries. Boathouse and CMS invested $10.5 million in subordinated debt and equity in a Southfield Capital Advisors led recapitalization of BioPharm alongside management. […]

Boathouse Capital, a firm based in suburban Philadelphia, has closed on $120 million for its new debt fund, which will focus on mezzanine debt and equity in lower middle market companies. The firm will invest between $2 million and $12 million into companies with a minimum of $2 million EBITDA.

During President Obama’s first term, the U.S. Small Business Administration’s Small Business Investment Company program has committed more capital to investors backing growth plays at the current—and dirt cheap—interest rate of about three percent.

It’s because investors are increasingly seeking out SBIC funding to support mezzanine deals, growth plays and smaller buyouts. The SBIC program lent $1.2 billion last fiscal year (each ends Sept. 30) and will surely approve funds exceeding that amount this year, but it still has hundreds of millions of dollars that go unused thanks to too few applicants and too few approvals. Yet, the capital committed by the program over the past full fiscal year represents an increase over the four prior years’ commitment levels by a whopping 55 percent. Experts believe the gap in capital allotted to the program and the amount it actually deploys will continue to shrink; difficulty raising debt has turned more investment firms that would usually sneer at the prospect of partnering with the government instead into eager recipients of discount debt.

Platinum Protection has closed a round of debt financing with Boathouse Capital, a Philadelphia-based private equity firm, but has not released any figures. Platinum is a Utah-based home security with customers in 43 states. Boathouse Capital invests mezzanine debt and equity in lower middle market companies and, to date, has deployed over $1 billion.

Boathouse Capital, a Philadelphia-based investment fund, has invested $28 million in its first four deals, the fund announced today. Boathouse, which focuses on mezzanine investments, has invested $8.7 million in PTG Enterprises, a Florida taxi and limo service to acquire the assets of Yellow Cab Service Corporation, also based in Florida. Boathouse invested an undisclosed amount of debt in Platinum Protection, a security company. It invested $5.1 million in Pleatco, a New York water filtration product manufacturer. And it invested an undisclosed amount in Audax Group, a food service industry company.

BDCs (business development corporations) are now able to qualify for SBIC licenses, which are “back in vogue” with the benefits of access to low-cost capital, according to Mark Kromkowski, a private equity partner at law firm McGuireWoods LLP. SBICs (small business investment companies) receive up to $150 million in cheap leverage from Uncle Sam. How cheap? […]

And Amalgamated Capital makes seven. I’ve written so many stories about new lending groups formed to serve the “void” of financing in the middle market, that it’s time to make a list. So I give you, the recent crop of new middle market lenders (please email with any I may have overlooked).

The groups are in various stages of development-some have raised funds, others are seeking to secure credit, and even one is in registration to go public. While they’re getting their ducks in a row, someone (anyone) find them some deals to finance!

1. Sankaty Middle Market Opportunities Fund will invest in middle-market mezzanine loans with some senior debt and equity. More specifically, it would target credit for new buyouts, rescue financings and secondary purchases of mezzanine debt. See related story.

A week ago we reported on Boathouse Capital, a new mezzanine fund formed by alumni of American Capital (ACAS). We had very few details except the names of the professionals. Today I learned a little more information from a source.

The Wayne, Penn.-based firm is in fundraising mode with a target of somewhere between $75 million and $225 million, based on its intended deal size. After forming last fall and launching fundraising last month, the fund already held a first close on between 65% and 75% of the target amount. Beyond raising capital, the firm hopes to receive SBIC approval to increase its leverage in the fall.

Boathouse Capital seeks to invest up to $15 million in sponsor-backed and direct transactions.

A group of ex-American Capital professionals has teamed up to launch a new mezzanine fund based in Wayne, Penn. Boathouse Capital is the second of what’s sure to be numerous new middle market lenders entering the fray in the aftermath of industry-wide layoffs. Last week CastleGuard Partners launched from the ashes of Freeport Financial, which […]